Greek Consumers Among Most Pessimistic, Nielsen Report Reveals

Greece remained among the top five most pessimistic countries in the world, with consumer confidence remaining below the 60-point level for the last two years, Nielsen revealed in its latest report on consumer confidence.

The consumer confidence index rose slightly in the second quarter of the year, compared with the first quarter, reflecting improved expectations over the results of the general elections.

At the same time, nine out of 10 Greek consumers believed that the country remained in recession, while a large part said they expected the crisis to continue in the coming months.

Labor prospects are one of the biggest concerns for Greek consumers, along with economic prospects. Almost four in 10 Greeks said they did not save any money, the highest rate ever recorded in Greece and one of the highest in the world in the second quarter of 2012.

According to the report, 89 percent of Greek consumers changed their buying habits because of the continuing crisis, while 78 percent have cut money spent outside their homes. Roughly 78 percent has turned to cheaper consumer products.

Europe remains the most pessimistic continent in the world, with consumer confidence rising one point to 73.

In Nielsen’s report the 100-mark indicates the line between optimism and pessimism among consumers. In contrast, the Asia-Pacific region is the most optimistic in the world.

In general, there is no confidence in the government that can solve the problems facing the country. Politicians are trying to find ways to keep themselves in power rather than helping the country’s economy by adapting simple measures to revive its trade and increase people’s spending which the market is in dire need. For 38 years, politicians have been looting the country’s wealth and they will continue to do so for the next 138 years.